Owning properties in New York City can be both rewarding and challenging. While it can be a great investment opportunity, it can also be overwhelming to deal with the maintenance and renovations of old buildings. The average age of buildings in NYC is over a century old, making them prone to wear and tear. Some landlords feel lost on how to maintain their properties without spending a lot of money. In this blog post, we will discuss some tips and tricks on how to manage old properties in New York City.
Prevention is always better than cure, which is why regular maintenance should be a priority for landlords. Schedule an inspection with a professional to look for damages and potential issues. Then create a plan on how to address every problem to avoid significant expenses later on. Some maintenance tasks that should be done regularly include cleaning the gutters, replacing old pipes and checking electrical systems, cleaning floor drains, and ensuring weather seals on doors and windows are still effective.
Hire a Reliable Property Management Company / 3rd Party Maintenance Provider
Trying to manage an old property alone can be daunting. As a landlord, you need to balance different responsibilities and ensure you are complying with relevant regulations. Hiring a reputable property management company can free up your time and help alleviate some of the stress. At a minimal cost, a company like Pop's Upkeep can help with essential services such as maintenance, repairs, tenant management, and rent collection.
Renovate & Upgrade
Sometimes, a change is necessary for both the well-being of the tenants and the property itself. Renovations and upgrades may seem expensive, but they usually pay off in the long run and can increase the property's value. For example, replacing old windows with newer energy-efficient models can cut down energy costs. Upgrading plumbing systems and installing new appliances can make the property more attractive to potential tenants.
Understand the Regulations and Legal Obligations
As a landlord in New York City, you need to comply with different regulations and legal requirements. For instance, the city requires landlords to have a lead inspection certificate. You also need to comply with rules regarding tenants' safety and eviction procedures. Make sure you understand these obligations and guidelines to avoid costly infractions.
Consider Investing in Technology
Modern technologies make it easier to manage properties from afar. A smart thermostat, for example, can regulate the temperature in the building even when you're not around. A security system can give you peace of mind, knowing that your property is protected. These technological investments can make managing an old property much easier and more convenient.
Managing a property in New York City can be challenging. The age of most properties in the city makes it even more difficult, but it's not impossible. By adhering to the tips discussed in this post, landlords can make the process more manageable and less stressful. Regular maintenance, hiring a reputable property management company, renovating and upgrading, understanding the regulations and legal obligations, and investing in technology can all make a big difference. As a landlord, your focus should be on maintaining your properties to keep both your tenants and your investment safe.